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1.
From Sancho spanish slang for the man a woman is cheating with, with the addition of 'ito' at the end, describes the sancho as 'little', or of being a boy rather than a man. See also sancho
If Sanchito knows what's good for him... he best go run and hide. sublime
by hotbuddha October 14, 2005
 
2.
the other man, see sancho
"tell sanchito that if he knows what is good for him he best go run and hide"
-sublime
by K August 08, 2004